U.S. crude oil price tops $80 a barrel, the highest since 2014
October 8, 2021 | Texas
West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday. Brent crude, the international benchmark, advanced 1.7% to $83.32 per barrel. Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.“The $80 print became an inevitability,” said John Kilduff, partner at Again Capital. “Despite the rise in U.S. crude oil inventories in this week’s report, the global market remains tight and in a supply deficit. … Unless and until OPEC+ acts to meaningfully increase supplies, prices will grind higher still.”….(Excerpts from CNBC)
